Both Need Supply and Totokaelo are to wind down operations over the coming months, with the closures announced in a statement by parent company NSTO. The two multi-brand retailers formed a group two years ago, building on the partnership that had been developed by their backers Cormack Capital, the investment firm run by Herschel Supply co-founders Jamie and Lyndon Cormack.
The closures will affect Totokaelo’s stores in Seattle and New York, as well as Need Supply’s Richmond base and web store. Unsurprisingly, the decision was brought on by the Coronavirus pandemic, with the two retailers struggling to shift their spring inventory earlier this year.
The two NSTO-backed companies are the latest fashion institutions to be forced to shut by the COVID-19 and stay-in-place orders. Just last month, New York-based Sies Marjan also announced that it would be closing its doors.
In other fashion news, G-Star RAW has filed for bankruptcy.